https://www.taxtmi.com/caselaws?id=761564 The NCLAT dismissed an appeal challenging admission of a Section 7 application by a financial creditor. The appellant argued the application was barred by Section 10A of IBC, claiming default occurred during the exclusion period. The NCLAT held that while original defaults occurred in 2017-2018, the Section 7 application was based on fresh default after a consent decree dated 29.08.2022 passed by DRT. Since the application was founded on post-consent decree default rather than pre-10A period defaults, Section 10A did not apply. The adjudicating authority correctly admitted the application. en-us Wed, 06 Nov 2024 00:00:00 +0530 Tue, 12 Nov 2024 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761564 The NCLAT dismissed an appeal challenging admission of a Section 7 application by a financial creditor. The appellant argued the application was barred by Section 10A of IBC, claiming default occurred during the exclusion period. The NCLAT held that while original defaults occurred in 2017-2018, the Section 7 application was based on fresh default after a consent decree dated 29.08.2022 passed by DRT. Since the application was founded on post-consent decree default rather than pre-10A period defaults, Section 10A did not apply. The adjudicating authority correctly admitted the application. Case-Laws IBC Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761564